Amgen Moves Beyond Proteins

Amgen's revenue stream depends largely on just two molecules. It has spent loads of money on the search for replacements, but as yet has relatively little to show for it--at least, little that's been visible to those outside the company. To enlarge its opportunity set, Amgen is moving beyond its macromolecule-only heritage. A fresh cadre of executives, many from Merck, aim to add small-molecule capabilities and leverage corporate understanding of proteins and pathway biology. Amgen is also tapping into a host of other organizations whose technologies, targets, assays and very ways of thinking promise to make the firm more competitive than it could be on its own. While some investors think Amgen is making all the right moves, others are still concerned about the company's ability to bring enough new drugs to market, fast enough, to fill in behind its blockbuster proteins.